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U.S. Treasury Secretary Scott Bessent Says Hormuz Shipping Could Offset 8 Million to 10 Million Bpd Oil Shortfall

Scott Bessent said the United States has absolute control over the Strait of Hormuz and that tanker traffic through the route could help offset an 8 million to 10 million bpd oil shortfall.

Fact Check
The two core elements of the claim are both corroborated by independent sources. The Odaily newsflash (2026-05-04) directly quotes Bessent using 'absolute control' language over the Strait of Hormuz. The ZeroHedge X profile snippet contains wire-style headlines attributing both the 'absolute control of Hormuz Strait' statement and the '8-10 million barrel a day oil deficit' figure to Bessent. The Moneycontrol Facebook post further confirms Bessent spoke about Hormuz control and oil supply. The 2026 Strait of Hormuz crisis Wikipedia article provides consistent contextual background for the 8-10 million bpd disruption scale. The slight uncertainty arises because: (1) the precise framing that 'tanker traffic through Hormuz could offset' the shortfall is an interpretive nuance not fully confirmed verbatim; (2) the ZeroHedge source is a social media profile page rather than a direct transcript; and (3) no official Treasury.gov transcript or press release was found to serve as a primary source. Overall, the claim's key facts are well-supported across multiple independent outlets.
Summary

U.S. Treasury Secretary Scott Bessent said the United States has absolute control over the Strait of Hormuz and that Iran cannot control the waterway. He said shipping through the route could help offset a global oil shortfall of 8 million to 10 million barrels per day, with each tanker carrying about 2 million barrels and four to five ships daily potentially covering the gap. Bessent also said Iran’s economy is in free fall, or collapsing, and that the United States would retaliate only if attacked. The remarks underscore the Strait of Hormuz’s central role in global oil flows and its importance for energy markets and broader risk sentiment.

Terms & Concepts
  • Strait of Hormuz: A narrow maritime chokepoint between the Persian Gulf and the Gulf of Oman that is strategically vital for global oil shipments.
  • Barrels per day (bpd): A standard oil-market measure of production, transport, or consumption used to quantify daily crude volumes.
  • Oil shipping route: A sea lane used to transport crude oil and other energy exports to global markets.